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In law, liable means "responsible or answerable in law; legally obligated". [1] Legal liability concerns both civil law and criminal law and can arise from various areas of law, such as contracts, torts, taxes, or fines given by government agencies. The claimant is the one who seeks to establish, or prove, liability.
Legal risk is the risk of loss to an institution which is primarily caused by: (a) a defective transaction; or (b) a claim (including a defense to a claim or a counterclaim) being made or some other event occurring which results in a liability for the institution or other loss (for example, as a result of the termination of a contract) or;
Legal research is the process of identifying and retrieving information to support legal arguments and decisions. [1] Finding relevant legal information can be challenging and may involve the use of electronic research tools as well as printed books and materials.
Due to the risk of liability, CPAs and accounting firms may carry professional liability insurance to provide some protection from legal claims and lawsuits, although some firms choose to self-insure. [4] Concerns about high damage awards and insurance costs have led to proposals to limit liability for public accounting firms. [5]
Major statutory torts concern food safety, health and safety and environmental law. For example, liability under the Nuclear Installations Act 1965, the Merchant Shipping Act 1995, or liability imposed on utility (gas and electricity) companies to ensure the safety of their products, all of which are strict liability. [13]
At common law, in the case of landowners, the extent of their duty of care to those who came on their premises varied depending on whether a person was classified as a trespasser, licensee, or invitee. This rule was eventually abolished in some common law jurisdictions. For example, England enacted the Occupiers Liability Act 1957.
Statutory Liability is a legal term indicating the liability of a party who may be held responsible for any action or omission due to a related law that is not open to interpretation. [ 1 ] Although the term is a generic one and can apply to almost any field, it is typically used in finance as a reference in cases such as real estate ...
On other occasions, causation is the only requirement for legal liability (other than the fact that the outcome is proscribed). For example, in the law of product liability, the courts have come to apply to principle of strict liability: the fact that the defendant's product caused the plaintiff harm is the only thing that matters. The ...